Definitive Healthcare, the leading provider of healthcare intelligence for go-to-market sales strategies, announced the terms for its IPO last week, with plans to list on the Nasdaq under the symbol DH.
The Framingham, MA-based company plans to raise $350 million by offering 15.6 million shares at a price range of between $21 to $24. New investors BlackRock and Capital World plan to purchase $80 million worth of shares, or 23% of the deal, in the offering. At a midpoint of the proposed range, Definitive Healthcare would command a market value of $3.3 billion.
Founded in 2011, Definitive Healthcare provides healthcare commercial intelligence to its over 2,600 customers (as of June 30, 2021). Definitive Healthcare’s vast customer base includes biopharmaceutical and medical device companies, Healthcare Information Technology companies, healthcare providers, and other diversified companies seeking commercial success in the healthcare ecosystem. Definitive Healthcare reported $140 million in revenue for the 12 months ended June 30, 2021. Goldman Sachs, J.P. Morgan, Morgan Stanley, Barclays, Credit Suisse, and Deutsche Bank are the joint bookrunners on the deal, which is expected to price during the week of September 13, 2021.
Definitive Healthcare is currently backed by Spectrum Equity, 22C Capital and Advent International, which has helped the company expand in the M&A market. In January 2020, it bought PatientFinder, a digital health company that helps medical device and pharma clients find physicians and clinics with patients who would most benefit from their devices and drugs. Then in October, it purchased Monocl, a subscription-based provider of medical and scientific expert data and insights. Monocl’s cloud-based platform, powered by machine learning, continuously analyzes data across all therapeutic areas and regions, providing invaluable context and actionable insights.
